Ash-Sharqiyah shareholders approve capital hike to SAR 225 mln via rights issue

Logo of Ash-Sharqiyah Development Co.

Ash-Sharqiyah Development Co.’s shareholders approved a 300% capital increase through rights issue at a value of SAR 225 million, during the extraordinary general meeting (EGM) held on May 7, as shown below: 

 

Capital Increase Details

Capital before increase

SAR 75 mln

Number of shares before increase

7.5 mln

Capital increase percentage

300%

Capital after increase

SAR 300 mln

Number of shares after increase

30 mln

Reason for increase

To execute the company's operational projects, which are based on animal and plant projects

Method of increase

Issuance of three shares for each held share

Record date

Shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second day following the EGM date

 

In a separate statement, the Saudi Exchange (Tadawul) pointed out that the company’s share fluctuation rate will be calculated based on the price of SAR 21.76 for today, May 8, indicating that any outstanding orders will be cancelled.

 

The company’s priority rights will be deposited into investors’ portfolios by May 10, the statement added.

 

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